By SeafoodSource staff
Published on Monday, December 12 2011
M. Slavin & Sons Ltd. announced on Tuesday that it has emerged from Chapter 11 bankruptcy protection, agreeing on a reorganization plan and executing its recapitalization plan.
The 100-year-old seafood distributor, one of New York’s oldest, filed for bankruptcy in mid-February.
“We are pleased the company was able to successfully turn around its business and confirm a plan within 10 months of the filing,” said Gary Herwitz, managing partner of CoMetrics Partners, which M. Slavin & Sons retained to serve as a financial advisor during the bankruptcy.
“The turnaround was complex with respect to closing non-performing business segments and selling certain assets and real estate to effectuate the recapitalization,” he added. “Ultimately, we were able to attract new lenders and obtain the consensus of the various constituents including the existing secured lender, unsecured creditors and labor union to confirm the plan.”
At the time of the bankruptcy filing, M. Slavin & Sons, which is based in the Bronx, operated a wholesale operation in New York’s Fulton Fish Market, processing plants in Brooklyn, N.Y., and Point Judith, R.I., and distribution facilities Virginia, Florida and Puerto Rico.